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Alabama Power Co. Apr 05
Standard & Poors, April 2005
Abstract
Stable cash flows generated by growing regulated utility operations; Positive regulatory relations and the lack of major rate cases planned through 2006; A diverse customer base with growth above the national average; A measure of geographic diversity within the southeast region; and Strong plant operations, supported by the Southern pool. Heavy reliance on coal that will result in higher capital expenditures to meet environmental emissions restrictions; The lack of automatic fuel recovery clauses at subsidiaries Georgia Power Co. and Savannah Electric & Power Co.; and Southern's consolidated leverage is modest on an adjusted basis. Alabama Power Co. is a wholly owned subsidiary of the Southern Co. companies, one of the largest public utility holding companies in the U.S. The ratings...
Companies mentioned in this report are: Alabama Power Co.,Georgia Power Co.,Gulf Power Co.,Mississippi Power Co.,Savannah Electric & Power Co.,Southern Electric Generating Co.,Virginia Electric & Power Co.,NextEra Energy Inc.,Southern Co.,Southern Company Funding Corp.,Southern Power Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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